Despite tariff uncertainty, Huntington Bancshares CEO says 'the core economy is really performing well'
"I believe there is an impact with the uncertainties of tariffs," Steinour said. "Having said that, the core economy is really performing well, and it's showing up in terms of credit quality. It's showing up in terms of, for us, loan growth. And, so, we're optimistic about it."
Steinour said unemployment levels are low by historical standards. He also said it seems possible to "get through tariff uncertainties" in another month or two. Once tariff issues are resolved, he continued, the economy will "rebound a bit," and there will be economic growth "at important levels."
He also suggested that the approval of President Donald Trump's megabill has made tax policy more clear. Steinour praised the bill's "accelerated depreciation" measures, which will be "a huge boost to the onshore manufacturing and other expansions that companies are looking to do in the U.S.," he said. He also said he thinks the tax provisions will be "very significant" to economic activity next year and beyond.
Huntington is an Ohio-based regional bank that just announced it would acquire Texas-based rival Veritex. According to Steinour, expanding to Texas is the next logical step forward as Huntington looks to diversify earnings and revenue capabilities in high-growth areas. He added that the company has had a presence in the state since 2009.
"Texas itself is an economic powerhouse, and we're just very excited to be going there with Veritex, a great organization," Steinour said.
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